09/19/05 Hard red wheats lead futures

Marketline September 19, 2005 Traders are beginning to pay attention to winter wheat planting progress. USDA updates that this afternoon. So far nationally seeding is on par with the five year average. Wheat futures were slightly higher Friday despite news Egypt cancelled a tender saying prices were too high. They must not have been seeking white wheat. Peter Georgantones of Investment Trading Services in Minnesota believes there is still a lot of buying Kansas City and Minneapolis and selling Chicago. Georgantones: "But that's also where all the business has been taking place. All the demand has been in the red spring and hard red winter market. I kind of think right now we are within a nickel or dime of some resistance areas where I would be taking some profits and playing the waiting game again." On Friday December Chicago wheat was up 1 ½ cents at 3-24 1/4. December corn down a quarter cent at 2-06 1/4. Portland cash white wheat steady to a penny higher at mostly 3-46. Club wheat 3-61. PNW HRW 11.5 percent protein higher at 4-51. Dark northern spring 14% protein up a penny at 5-04. Export barley 105 dollars a ton. USDA's National Feeder Cattle Summary says the seasonal increased marketings of feeders sold mostly steady to two dollars higher last week with prices bumping back up near all time record highs mostly on yearlings. Cattle futures saw profit taking Friday with Oct live cattle down 30 cents at 86-08. Oct feeders down 90 at 112-93. Oct Class III milk up three cents at 14-44. USDA reported Friday afternoon that milk production in the 23 major states during August was up 4.6 percent over August last year. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.